Homework Answers
Classifications:-
| S.No. | Accounts | Classifications |
| a) | Accounts Receivable | Financial Assets |
| b) | Inventory | Financial Assets |
| c) | Accounts Payable | Financial Liability |
| d) | Tax Payable | Financial Liability |
| e) | Issued Capital | Equity Instrument |
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Consider the following accounts from the balance sheet: (a) Accounts receivable (b) Inventory (c) Accounts payable...
Suppose the following items were taken from the balance sheet of Nike, Inc. (All dollars are...
Suppose the following items were taken from the balance sheet of Nike, Inc. (All dollars are in millions.) 1. Cash $2,100.0 7. Inventory $2,300.0 2. Accounts receivable 2,600.0 8. Income taxes payable 70.0 3. Common stock 2,830. 0 9. Equipment 2,000.0 4. Notes payable 310.0 10. Retained earnings 4,850.0 5. Buildings 3,800.0 11. Accounts payable 3,400.0 6. Mortgage payable 1,340.0 Classify each of these items as an asset, liability, or stockholders' equity, and determine the total dollar amount for each...
As ames for Required: For each of the following accounts from Moonbilr's recent balance sheet, complete...
As ames for Required: For each of the following accounts from Moonbilr's recent balance sheet, complete the following table Indicate whether the account is classified as a current asset (CA), noncurrent asset (NCA), current liability (CL), noncurrent liability (NCL), or stockholders' equity (SE), and whether the account usually has a debit (dr) or credit (cr) balance. or Account Classification 1. Supplies 2 Income Tax Payable 3. Notes Payable (due in three years) 4. Equipment 5. Accounts Payable 6. Accounts Receivable...
In Accountant Suppose the following items were taken from the balance sheet of Nike, Inc. (All...
In Accountant
Suppose the following items were taken from the balance sheet of Nike, Inc. (All dollars are in millions.) 1. Cash $2,400.0 7. Inventory $2,400.0 2. Accounts receivable 2,700.0 8. Income taxes payable 90.0 3. Common stock 2,930. 0 9. Equipment 1,800.0 Notes payable 5,715.0 310.0 4,000.0 10. Retained earnings 11. Accounts payable Buildings 3,255.0 Mortgage payable 1,000.0 Perform each of the following. Classify each of these items as an asset, liability, or stockholders' equity, and determine the total...
Suppose the following items were taken from the balance sheet of Nice, Inc. (A dollars are...
Suppose the following items were taken from the balance sheet of Nice, Inc. (A dollars are in millions 7. $2.300.0 1 2 Cash Accounts receivable $2,300.0 2.700. 0 2.970. 0 330.0 2.800.0 1.200.0 900 17000 Tentory i ncomstans payable Esimene Reained earnings Accounts payable 9. 10 11 4. Notes payable 5. Building 6. Mortgage payabls 6,090.0 Perform cach of the following Classify each of these items as an asset, liability or stockholders' equity and determine the total dollar amount for...
Suppose the following items were taken from the balance sheet of Nike, Inc. (All dollars are...
Suppose the following items were taken from the balance sheet of Nike, Inc. (All dollars are in millions.) Cash $2,184.1 7. Inventory $2,327.2 rini 2. Accounts receivable 2,684.2 8. Income taxes payable 80.3 ni Common stock 2,800.3 9. Equipment 1,702.2 4. Notes payable 301.4 10. Retained earnings 5,876.9 5. Buildings 3,704.7 11. Accounts payable 2,420.6 6. Mortgage payable 1,122.9 Perform each of the following. Classify each of these items as an asset, liability, or stockholders' equity, and determine the total...
Suppose the following items were taken from the balance sheet of Nike, Inc. All dollars are...
Suppose the following items were taken from the balance sheet of Nike, Inc. All dollars are in millions.) 1. Cash $2,184.1 7. Inventory Income taxes payable $2,327.2 80.3 2. Accounts receivable 2,684.2 8. 3. Common stock %. Equipment 1,702.2 2,800.3 301.4 4. Notes payable 10. Retained earnings 5.876.9 5. Bulldings 3,704.7 11. Accounts payable 2,420.6 6. Mortgage payable 1,122.9 Perform each of the following Classify each of these items as an asset, liability, or stockholders'equity, and determine the total dollar...
*Exercise 1-15 Suppose the following items were taken from the balance sheet of Nike, Inc. All...
*Exercise 1-15 Suppose the following items were taken from the balance sheet of Nike, Inc. All dollars are in millions.) 1. Cash 2. Accounts receivable 3. Common stock 4. Notes payable 5. Buildings 6. Mortgage payable $2,291.1 2,883. 9 2,874.2 342.9 3.759.9 1,311.5 7. 8. 9. 10. 11. Inventory Income taxes payable Equipment Retained earnings Accounts payable $2,357 853 1.9522 5.818.9 2.815.3 Perform each of the following. Classify each of these items as an asset, liability, or stockholders' equity, and...
The following accounts appeared in recent financial statements of Delta Air Lines: Accounts Payable Fuel Inventory...
The following accounts appeared in recent financial statements of Delta Air Lines: Accounts Payable Fuel Inventory Accounts Receivable Landing Fees (Expense) Accrued Salaries (Obligations) Loyalty Program (Obligations) Aircraft Fuel (Expense) Parts and Supplies Aircraft Maintenance (Expense) Passenger Commissions (Expense) Aircraft Rent (Expense) Passenger Revenue Air Traffic Liability Prepaid Expenses Cargo Revenue Property and Equipment Cash Regional Carriers Expense Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as...
Classify each of the following financial statement items taken from Ming Corporation's balance sheet. Accounts payable...
Classify each of the following financial statement items taken from Ming Corporation's balance sheet. Accounts payable Accounts receivable Accumulated depreciation-equipment Buildings Cash Interest payable Goodwill Income taxes payable Inventory Stock investments (to be sold in 7 months) Land (in use) Mortgage payable Supplies Equipment Prepaid rent
Classification of Financial Statement Items Classify each of the following items according to: 1. whether it...
Classification of Financial Statement Items Classify each of the following items according to: 1. whether it belongs on the income statement or balance sheet and 2. whether it is a revenue, expense, asset, liability, or stockholders' equity item. Item Appears on the Classified as Example: Cash Balance sheet Asset 1. Salaries expense 2. Equipment 3. Accounts payable 4. Membership fees earned 5. Capital stock 6. Accounts receivable 7. Buildings 8. Advertising expense 9. Retained earnings
Suppose the following items were taken from the balance sheet of Nike, Inc. (All dollars are in millions.) 1. Cash $2,100.0 7. Inventory $2,300.0 2. Accounts receivable 2,600.0 8. Income taxes payable 70.0 3. Common stock 2,830. 0 9. Equipment 2,000.0 4. Notes payable 310.0 10. Retained earnings 4,850.0 5. Buildings 3,800.0 11. Accounts payable 3,400.0 6. Mortgage payable 1,340.0 Classify each of these items as an asset, liability, or stockholders' equity, and determine the total dollar amount for each...
As ames for Required: For each of the following accounts from Moonbilr's recent balance sheet, complete the following table Indicate whether the account is classified as a current asset (CA), noncurrent asset (NCA), current liability (CL), noncurrent liability (NCL), or stockholders' equity (SE), and whether the account usually has a debit (dr) or credit (cr) balance. or Account Classification 1. Supplies 2 Income Tax Payable 3. Notes Payable (due in three years) 4. Equipment 5. Accounts Payable 6. Accounts Receivable...
In Accountant
Suppose the following items were taken from the balance sheet of Nike, Inc. (All dollars are in millions.) 1. Cash $2,400.0 7. Inventory $2,400.0 2. Accounts receivable 2,700.0 8. Income taxes payable 90.0 3. Common stock 2,930. 0 9. Equipment 1,800.0 Notes payable 5,715.0 310.0 4,000.0 10. Retained earnings 11. Accounts payable Buildings 3,255.0 Mortgage payable 1,000.0 Perform each of the following. Classify each of these items as an asset, liability, or stockholders' equity, and determine the total...
Suppose the following items were taken from the balance sheet of Nice, Inc. (A dollars are in millions 7. $2.300.0 1 2 Cash Accounts receivable $2,300.0 2.700. 0 2.970. 0 330.0 2.800.0 1.200.0 900 17000 Tentory i ncomstans payable Esimene Reained earnings Accounts payable 9. 10 11 4. Notes payable 5. Building 6. Mortgage payabls 6,090.0 Perform cach of the following Classify each of these items as an asset, liability or stockholders' equity and determine the total dollar amount for...
Suppose the following items were taken from the balance sheet of Nike, Inc. (All dollars are in millions.) Cash $2,184.1 7. Inventory $2,327.2 rini 2. Accounts receivable 2,684.2 8. Income taxes payable 80.3 ni Common stock 2,800.3 9. Equipment 1,702.2 4. Notes payable 301.4 10. Retained earnings 5,876.9 5. Buildings 3,704.7 11. Accounts payable 2,420.6 6. Mortgage payable 1,122.9 Perform each of the following. Classify each of these items as an asset, liability, or stockholders' equity, and determine the total...
Suppose the following items were taken from the balance sheet of Nike, Inc. All dollars are in millions.) 1. Cash $2,184.1 7. Inventory Income taxes payable $2,327.2 80.3 2. Accounts receivable 2,684.2 8. 3. Common stock %. Equipment 1,702.2 2,800.3 301.4 4. Notes payable 10. Retained earnings 5.876.9 5. Bulldings 3,704.7 11. Accounts payable 2,420.6 6. Mortgage payable 1,122.9 Perform each of the following Classify each of these items as an asset, liability, or stockholders'equity, and determine the total dollar...
*Exercise 1-15 Suppose the following items were taken from the balance sheet of Nike, Inc. All dollars are in millions.) 1. Cash 2. Accounts receivable 3. Common stock 4. Notes payable 5. Buildings 6. Mortgage payable $2,291.1 2,883. 9 2,874.2 342.9 3.759.9 1,311.5 7. 8. 9. 10. 11. Inventory Income taxes payable Equipment Retained earnings Accounts payable $2,357 853 1.9522 5.818.9 2.815.3 Perform each of the following. Classify each of these items as an asset, liability, or stockholders' equity, and...
Classify each of the following financial statement items taken from Ming Corporation's balance sheet. Accounts payable Accounts receivable Accumulated depreciation-equipment Buildings Cash Interest payable Goodwill Income taxes payable Inventory Stock investments (to be sold in 7 months) Land (in use) Mortgage payable Supplies Equipment Prepaid rent
Classification of Financial Statement Items Classify each of the following items according to: 1. whether it belongs on the income statement or balance sheet and 2. whether it is a revenue, expense, asset, liability, or stockholders' equity item. Item Appears on the Classified as Example: Cash Balance sheet Asset 1. Salaries expense 2. Equipment 3. Accounts payable 4. Membership fees earned 5. Capital stock 6. Accounts receivable 7. Buildings 8. Advertising expense 9. Retained earnings
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